The Securities and Exchange Board of India (SEBI) has granted Spice Healthcare an exemption from the obligation to make an open offer to SpiceJet shareholders. This exemption pertains to Spice Healthcare’s acquisition of additional shares in SpiceJet through the conversion of warrants, as disclosed by the airline in a BSE filing on Saturday.
As a promoter group entity, Spice Healthcare will acquire 13,14,08,514 additional equity shares in SpiceJet, raising its stake by 13.74%. Under SEBI regulations, such an increase would typically trigger the need for an open offer.
However, SEBI has granted the exemption on the condition that the newly acquired shares will be subject to an extended lock-in period of 24 months, as opposed to the standard 18-month lock-in period.
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